I'm a victim of 3rd Street that happens to be local to where this business is located, but I'm part of a much larger group that got taken by this guy. Basically what this company supposedly did was allow you to purchase aged corporations that they had developed for the past 4-5 years with lines of credit already in place to the tune of $120,000 to $450,000, depending on which level of aged corporation you wanted to purchase.
The way this worked is that you'd pay them a 'smaller' up front fee which would go to the personal guarantor, which was supposedly some high ranking hotshot Wall Street firm, and then the company would take a 17% fee off the back end of the loans for their part of the deal. But they would need to apply for and get the funding in your aged corp's name with you as the signatory which would take approximately 9 to 12 weeks to get everything done.
When several contracts started running late - past the 12 week time frame - we started asking questions and that's when things started coming apart.
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